Stocks Slip From Starting Gate; Micron, Skyworks Run Higher

Stocks sifted lower at the start of trade Wednesday, although they trimmed some losses.

The Dow Jones industrial average and the Russell 2000 each slipped 0.4%. The S&P 500 was down 0.3% and the Nasdaq dipped 0.1%.

Volume was down 2% on the Nasdaq and 10% lower on the NYSE relative to volume at Tuesday's open.

The stock market today opened to a flurry of deal news that had little impact on stock prices. At the top of the list, Google (NASDAQ:GOOGL) agreed to pay $500 million for Skybox Imaging, a maker of small, cheap, light satellites. Google shares dipped a fraction.

China's top e-retailer, Alibaba Group Holding, said it would acquire the remaining one-third of mobile browser firm UCWeb in what is reported to be China's largest Internet-based merger to date.

Analyst recommendations were the catalyst for much of the early action.

Chipmaker Micron Technology (NASDAQ:MU) punched up 3% after Credit Suisse raised the stock's price target to 50 from 30. Bank of America raised its rating on Micron to buy from underperform, with a 40 price target. Micron is extended after breaking out of a cup base in April.

Boeing (NYSE:BA) dropped 2% after RBC Capital downgraded the stock to sector perform from outperform. RBC kept Boeing's price target at 145 and said the downgrade was due to valuation. Boeing has been scrolling up the right side of a six-month consolidation since March. Also in the aerospace sector, Dubai's Emirates airline cancelled an order for 70 Airbus A350s, a deal estimated to be worth $16 billion.

Leading stocks opened on weak footing for a second day. On the IBD 50, all but a small handful of stocks fell at the start of trade.

Skyworks Solutions (NASDAQ:SWKS) added 2% after Brean Murray raised the stock's price target. The maker of integrated circuits and other components for Apple's iPhones is extended above a 42.59 buy point in a four-weeks-tight pattern.

Gentherm (NASDAQ:THRM) dropped 2% at the opening bell. The maker of climate-controlled automobile seats is extended after a rebound from support at its 10-week moving average.

U.S. crude futures inched up Wednesday, but held below Tuesday's high. OPEC ministers reportedly voted to hold the cartel's production quota steady, as expected, at a meeting in Vienna.

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07/31/2015 05:02 PM ET

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